Major Rating Factors:
A history of deficient reserves (1.4 on a scale of 0 to 10) that places pressure on both capital and profits. In the last five years, reserves (two year development) fluctuated between 23.7% and 64.2% deficient. Fair long-term capitalization index (3.0) based on weak current risk adjusted capital (severe and moderate loss scenarios), although results have slipped from the fair range during the last year. Fair profitability index (3.4) with operating losses during 2021, 2022 and 2023. Average return on equity over the last five years has been poor at -8.6%.
Other Rating Factors:
Good overall results on stability tests (5.1) despite fair risk adjusted capital in prior years. Stability strengths include good operational trends and good risk diversification. Excellent liquidity (8.5) with ample operational cash flow and liquid investments.
Stability Factors:
C - Past results on our Risk-Adjusted Capital tests.
T - Significant trends in critical asset, liability, income or expense items.
Principal Lines of Business:
Personal/comm auto (100.0%)
Licensed in:
NY
Principal Investments:
Investment grade bonds (95.6%), cash (3.1%), preferred stock (0.8%), common stock (0.5%)
Corporate Info
Group Affiliation
None
Investment Rating
--
Company Address
40 Wall Street
New York, NY 10005
New York, NY 10005
Phone Number
(212) 514-7000
NAIC Number
10839
Website
Largest Affiliates
No affiliate information available.